Question

Can someone PLEASE help me with this question?

Answer 1

9514 1404 393

Answer:

  11

Step-by-step explanation:

The future value of the account is given by the formula ...

  A = P(1 +r/12)^(12t) . . . . principal P invested at rate r for t years

Solving for t, we find ...

  A/P = (1 +r/12)^(12t) . . . . . . . . . . . divide by P

  log(A/P) = 12t·log(1 +r/12) . . . . . . take logs

Divide by the coefficient of t, then fill in the numbers.

  t = log(A/P)/(12·log(1 +r/12)) = log(202800/93000)/(12·log(1 +.068/12))

  t ≈ 11.497

It will take about 11 years for the account balance to reach the desired amount.